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Home My WebLink About20172229.tiffAugust 9, 2017 Petitioner: WC BIRKENMAYER III 205 KRAMERIA ST DENVER, CO 80220-5992 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): JAMES REAL ESTATE SERVICES 90 MADISON ST SUITE 403 DENVER, CO 80206-5413 RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO NOTICE OF DECISION Docket #: 2017-2229 Appeal #: 2008216815 Hearing Date: Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2017. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R1226897 Stipulated - Approved Stipulated Value $517,162 $439,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2016, MUST comply with the following provisions of C.R.S. Section 39-8-107(5): (5)(a)(I) On and after August 10, 2011, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the board of assessment appeals pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-114 shall provide to the county board of equalization or to the board of county commissioners of the county in the case of an abatement, and not to the board of assessment appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals. (b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the board of assessment appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move the board of assessment appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the county attorney and shall be accompanied by a certification that the county assessor or the county board of equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the board of assessment appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the board of assessment appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: 303-864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the /county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(1), the rules of Colorado appellate review and C.R.S. Section 24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. Section 39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e., Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, e.,tz:2Le Esther E. Gesick, Clerk to the Board Weld County Board of County Commissioners and Board of Equalization Cc: Christopher Woodruff, Weld County Assessor COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County chedule Number R 12268 97 F S #i 7r irss w La i . awiaa r . eS a e rrai STIPULATION (As To Tax Year,2017a Actual Value) RE PETITION of NAME: WC BIRKENMAYER iA E . III ADDRESS: 600 Innovation Cir Windsor, CO Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2017 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: WIN WTI C L5 BLIC1 WINDSOR DSOR TECH BUSINESS CENTER 2. The subject property is classified as commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2017: Total $517,162.00 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2017 actual value for the subject property: Total $439,000.00 5. The valuation, as established above, shall be binding only with respect to tax year 2017. 6. Brief narrative as to why the reduction was made: Further review of all approaches to value indicated an adjustment. 7. Both parties agree that The hearing scheduled before the Board of Equalization on 8/2/17 at 1:30 PM be vacated. r ■ R1226897 A hearing has not yet been scheduled before the Board of Equalization. 1 DATED this 24th day of July, 2017. bild•44-X Petitioner(s) or Agent or Attorney Address: James Real Estate Services inc. 90 Madison Street/ Suite 403 Den a, Colorado 80206 Telephone: 303-316-6768 Docket Number Stip-1.Frrn RI226897 ss tant) county Attorney o' Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone(970) 336-7235 Address: 1400 N.l7th Avenue Greeley, CO 80631 Telephone: (970) 353-3845 ext, 3697 2 From: Assessor Appeals To: Esther Gesick Cc: Chloe Rempel Subject: FW: Assessed Value Appeal - 600 Innovation Circle, Windsor Date: Thursday, July 13, 2017 7:46:12 AM Attachments: Weld County BOE - 2017-7-13.pdf Notice of aetermination.pdf Real Property Appeal Form. pdf Costar Sale Comps.pdf Costar Sale Comps Analytics.pdf Costar Rental Comps.pdf Costar Rental Comps Analytics.pdf Hi Esther, I have attached another OBOE request we received in our mailbox. Thank you! Dee E.M� rreQ r '/� t CL.L.[ L V tof [�JL.JJeY l�L 1 r r v (�l t r PHONE 070) i0 3&55 FAX (9yo) 304- (.7433 I I C ill y I :-' leV e it a Soy oy . lr o 1" V 4 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Bill James [mailto:bjames@jres.com] Sent: Thursday, July 13, 2017 7:27 Al l To: Assessor Appeals <appeals@co.weld.co.us> Cc: Wade Me lies <wme lies@weldgov.com>; Biff Birkenmayer n mayer <bbi rke n mayer@aol.com> Subject: Assessed Value Appeal - 600 Innovation Circle, Windsor Weld County Board of Equalization, Please find attached documents related to the topic on the Subject line. By cc I request that Wade Melies acknowledge receipt of this submission prior to 7/15/2017, by reply to this email. Thanks Bill William M. James, MAI, CCIM President RES JAMES REAL ESTATE S I FT"R C ES REAL ESTATE DECISION SUPPORT 90 Madison Street, suite 403 Denver, Colorado 80206-5413 Office Direct: 303-316-6768 Office Main: 303-388-1100 x 101 Mobile Phone: 303-316-6788 E-mail: bjames a� jres.com Website: www.jres.com Linkedin: Profile NOTICE OF DETERMINATION Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 50631 Date of Notice: 6/30/2017 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R1226897 2017 0437 WIN V TTBC L5 BLK1 WINDSOR TECH BUSINESS CENTER rx WC BIRKENMAYER 205 KRAMERIA ST III DENVER, CO 80220-5992 800 INNOVATION CIR WINDSOR , CO El ASSESSOR'S VALUATION PROPERTY TY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 700,000 517,162 TOTAL $700,000 $517,162 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CMO3 - After review of your property, we have made adjustments. This was done because of additional information obtained, or provided through the appeal process. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. if you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): 16-DPT-AR PR 207-08/13 R1226897 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 24th through August (hat 1150 0 Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 0 Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4226 Online: httpliwww.co.weld.co.usiappsicboej .cc.weld.co.us/apps/oboe/ To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Boards written decision to ONE of the following: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 (303) 866-5880 wvvvalbaa Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C. R. S. District Court Contact the District Court in the County where the property is located. See your local telephone book for the address and telephone number. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) 419,000 What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) Please see accompanying submission. I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein a d 'i any at .chm nts hereto are true and complete. reVe Signature aira‘RX:eivrnif >/tR-f-161 Email Address -2497- >lea - Telephone Number - gait/ 1 Attach letter of authorization signed by property owner. 7une 10 , 2017 Date 16 -DPI -AR PR 207-08/13 81226897 RES JAMES REAL ESTATE SERVICES July 13, 2017 90 Madison Street, Suite 403 Denver, Colorado 80206-5412 main: 303-388-1100 fax: 303-388-8756 www.jres.eom Weld County Board of Equalization cio Weld County Assessor 1400 North 17th Avenue Greeley, Colorado 8063 1 Attention: Mr. Wade Me lies REAL ESTATE DECISION SUPPORT Re: Real Property Assessed Value Appeal United Site Services ofColorado, Inc. Industrial Building 600 Innovation Circle Windsor, Weld County, Colorado 80550 Account No. R1226897 Parcel No. 080722202005 Ladies and Gentlemen: As shown on the attached Real Property Appeal Form, I have been engaged by the owner of the referenced real property, Biff Birkenmayer, to appeal the assessed value of that property. This letter and attached appeal documents are submitted by email, so I request that Wade Melies confirm receipt of them by the Weld County Board of Equalization. The owner of the property believes the subject property has been assessed higher than supported by market information and proper assessment procedure. The Colorado Real Property Valuation Manual in Section 2.2 under Property Rights Involved states: As a general rule, Section 39-1-106, C.R.S., requires that the fee simple interest in the be valued for property tax purposes. The Assessor has not complied with this rule and has valued the subject property based on its lease income which is at a level well above market rent. The referenced provision of the Manual clearly requires consideration of the property without the benefit of the above market rent. Relevant to this topic, in the well-known Board of Assessment Appeals of the State of Colorado vs Regis Jesuit Holding, Inc. case the Colorado Supreme Court held that "consideration of actual rent was appropriate in determining value, for ad valorem tax purposes, of real property subject to existing long term below market lease." This case is not applicable because the subject property has an above market rent lease, not below market as cited in the case, and because the Manual contradicts the case. The property owner also reports that: Weld County Board of Equalization July 13, 2017 Page 2 I would like to go for $419,000 based on the fact that the Lease with United Site Services may not continue after this year (recent development after I contacted them letting them know about the property tax increase). This reduces the value of the property because I (or anyone else) will not have the Triple Net rental income for the remaining 6 years of the Lease. I could fight them but. I don't have the resources to fight a National Company that would bleed me for months and years with appeal after appeal. Additionally, I found out from the previous owner, who now lives in California tha t thebuilding was more or less built to the specs of USS. Meaning that it has a use for only one tenant that is in the Portable potty business and would be REALLY difficult to sell to a buyer or rent to a new tenant. These fit ctors are significant and I want this info to be considered by the BOB. As further support for the requested assessed value, the property owner offers the attached comparable sales and rents researched by me, with accompanying analytics. The comparable sales found in the research during the extended base period include two sales of the subject property. Considering the factors described above, the property owner believes that the proposed $419,000 actua value is well supported. Respectfully submitted, JAMES REAL ESTATE SERVICES, INC. William M. James, I'AI, CCIM President voice: 303-316-6768 email: bjames@jres.com Attachments: Notice of Determination Real Property Appeal Form Comparable Sales, Rents and Analytics j JAMES REAL ESTATE SERVICES RES REAL PROPERTY APPEAL FORM If you disagree with the "current year actual value" and/or the classification determined for your property, you may file an appeal by mail or in the County Assessor. Completing the Real Property Questionnaire will help you determine an estimate of value foryour property, person with p �4 � F� p which can be compared to the value determined by the Assessor. Colorado law requires application of the market approach to value for residential properties (includes apartments) and consideration of the cost, market, and income approaches to value for vacant land, commercial; and industrial properties. REASON FOR REQUESTING A REVIEW: REAL PROPERTY QUESTIONNAIRE ATTACH ADDITIONAL DOCUMENTS AS NECESSARY (Do not send original documents, they will not be returned.) MARKET APPROACH (ALL PROPERTY TYPES): This approach to value uses sales from the 18 -month period ending June 30, 2016.1f data is insufficient during this time period., the Assessor may also consider data from the 5 -year period ending June 30, 2016, Statute prohibits the n idered in the 2019 reappraisal. 39-1-10400.2)(1), C .R.B. Assessor from using appraisal data after June 30, 2016; that data will be cos pp To help estimate the market value of your property, please list sales of similar properties that have sold in your neighborhood. A copy of an appraisal prepared prior to June 30,, 2016 may be helpful in estimating the market value of your property. DATE SOLD SCHEDULE/ACCOUNT NUMBER or PROPERTY DESCRIPTION or ADDRESS SELLING PRICE Based on the information provided and accounting for differences between sold properties and your property, state the value of your property as of June 30, 2O16. COST AND INCOME APPROACH: For vacant land, commercial and industrial properties the Assessor must also consider the cost and income approaches to value. If your commercial or industrial property was not leased from January 2015 through June 2016, please complete the n market approach section above. To assist the Assessor in evaluating your appeal, and if your property was leased during January 2015. through June 2016, please attach an °perating statement indicating your income and expense amounts. Attach a rent schedule indicating the square footage and rental rate for each tenant occupied space, If known, attach a list of rent comparables for competing properties, Estimate of value based on cost approach: Estimate of value based on income approach: AGENT ASSIGNMENT ASSIGNMENT: I authorize the below -named agent to act on my behalf regarding the property tax valuation of the property described herein for the year 2 r n 7 • William iam I . James Agent's Name (please print): Owner's Signature: ' tifir Please mail all correspondence regarding 'Ins pro s to the above -named agent at the following address: _ 9 adison Street; Suite 4O3 3O3-316-6768 Daytime Telephone##: Date: 2 Denver, Colorado 80206 OWNER/AGENT VERIFICATION I, the undersigned owner or agent of this property, state that the information and facts contained herein and on any attachments constitute true and complete statements concerning the described property. SCHEDULE/ACCOUNT NUMBER: mamma R122CR97 (Found above your name on the other sine of this forma) Signature: thAA044114 June 13, 2017 Date: Daytime Telephone. 303-316-6768 Indicate the name, telepfone number and email address for a person the Assessor may contact with itiestions. Na William M. James Telephone 303-31+ 768 Email James@fres.com Name p Your right to appeal the property valuation and/or the classification to the Assessor expires on June 1, 2017 If the date for filing any document falls upon a Saturday, Sunday. or legal holiday. it shall be deemed timely filed if p trnarked'r delivered (in the next business day. 39-1,120(3)t CFCS, 515-519 Greeley, Sale 2.177 7th CO 80631 on 5/23/2016 SF Class St for $255.000 ($117.13/SF) C Warehouse Building - Research Complete Built in 1930 SOLD GI >, a. is 5th St 92 > 5th St . v4:4 i. ; rto ca- ��II _ = .... , y. a _ r+ Z 7th iti St 77th St w 8th a th r t o _ 374 9th St xis > 5 jig c. e 11 r} e ' 30 Inl i'4 iml = StMap ., (vi t M2017 Connie Google Buyer & Seller Contact info Recorded Buyer: Andrew E & Linda L Goss Recorded Seller: Larry A Hergenreder 519 7th St Greeley, CO 80631 Linda Goss True Buyer: - True Seller: Larry A Hergenreder Larry Hergenreder Listing Broker: RE/MAX Alliance Mary Jo Brockshus (970) 330-5000 Transaction Details ID: 3613633 Sale Date: 05/23/2016 (201 days on market) Sale Type: Owner/User Escrow Length: - Bldg Type: Warehouse Sale Price: $255,000 -Confirmed Year Built/Age: Built in 1930 Age: 86 Asking Price: - RBA: 2,177 SF Price/SF: $117.13 Land Area: 0.33 AC (14,248 SF) Price/AC Land Gross: $779,578.11 Percent Leased: 100.0% Tenancy: Multi Percent Improved: 50.3% Total Value Assessed: $21,450 in 2015 Improved Value Assessed $10,790 Land Value Assessed: $10,660 Land Assessed/AC: $32,589 Financing: Down payment of $255,000.00 (100.0%) Parcel No: 096105406004, 096105406005 Document No: 4207028 Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 1 515-519 2,177 SF Class 7th St C Warehouse Building Built in 1930 (con"t) SOLD Transaction Notes The The 2,177 sale SF included industrial building a 648 SF at 515 single family - 517 7th St in Greeley, CO sold on May 23, 2016 for $255,000. residence. Income Expense Data Expenses - Taxes $1,364 - Operating Expenses Total Expenses $1,364 Current Industrial Information ID: 8359597 Bldg Type: Warehouse RBA: 2,177 SF Bldg Status: Built in 1930 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.15 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: - Smallest Space: - Owner Type: - Land Area: 0.33 AC Owner Occupied: No Lot Dimensions: - Tenancy: Single Ceiling Height: a Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: 1110'0"w x 14'0"h (total) Const Type: Wood Frame Sprinklers: - Rail Spots: None Rail Line: None Expenses: 2016 Tax @ $0.63/sf Features: Signage Location Information Metro Market: Denver Submarket: Weld County Ind/Weld County Ind County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6125/2017 Page 2 2 522 27th Greeley, CO Sale on 31412016 4.064 SF Class St 80631 for $740,000 C Warehouse ( Building 182.091SF) - Research Complete Built in 1951 SOLD 25th St c < < 26th ar I St t 27th St ikii Garden 1. ■ ~_ J I - E V 1 . l e;'-- - yd; -__eararigear?"?sou Googlryiap data @2017 Googie Buyer & Seller Contact Info Recorded True Buyer Buyer Broker Buyer: Buyer: Type: John John 522 (970) Individual Alicia Alicia Garden No & Rotherham P Rotherham 27th 353-1170 Buyer Alicia & City, Alicia St CO Broker Rotherham Rotherham 80631 on Deal Recorded True Seller Listing Seller: Seller: Type: Broker: White Phils Philip 707 Greeley, (970) Corporate/User No 12th Listing Pro 353-2739 Philip White St CO Auto R & Denise Service 80631 Broker on Deal L Transaction Details ID: 3542157 Escrow Price/AC Percent No. Tenants at Asking Document Land of time Sale Sale Price/SF: Tenancy: Tenants: Financing: Parcel Date: Length: Price: Price: Gross: Leased: of sale: No: No: 03/04/2016 - $740,000 - $182.09 $1,819,970.49 100.0% Single 1 Nature's Down $300,000.00 096117409002 4185883 -Confirmed payment Herbs from & Wellness of $440,000.00 Seller Improved Ctr (59.5%) Total Land Land Percent Year Value Value Value Assessed/AC: Sale Bldg Built/Age: Land Improved: Assessed: Assessed Assessed: Type: Type: RBA: Area: Owner/User Warehouse Built in 4,064 SF 0.41 AC 82.1% $57,300 $47,030 $10,270 $25,258 1951 Age: 65 (17,711 SF) in 2015 Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 3 522 27th 4,064 SF Class St C Warehouse Building SOLD Built in 1951 (con"t) Transaction Notes This sale transaction is for the industrial building located at 522 27th Street in Greeley. This property sold for $740,000 on March 4, 2016. There have been transformers added to the property. The facility will be used for marijuana grow. Income Expense Data Expenses - Taxes $4,958 - Operating Expenses Total Expenses $4,958 Current Industrial Information ID: 8417469 Bldg Type: Warehouse RBA: 4,064 SF Bldg Status: Built in 1951 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.23 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: Commercial Smallest Space: - Owner Type: Individual Land Area: 0.41 AC Owner Occupied: No Lot Dimensions: - Tenancy: Single Ceiling Height: a Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: 219'0"w x 12'0"h (total) Const Type: Metal Sprinklers: - Rail Spots: None Rail Line: None Expenses: 2016 Tax @ $1.221sf Power: 280-300a Parking: 24 free Surface Spaces are available; Ratio of 5.91/1,000 SF Location Information Metro Market: Denver Submarket: Weld County Ind/Weld County Ind County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 4 3 1621 Greeley, Sale 3.680 on 1st SF Ave Co 80631 1/19/2016 for $220,000 ($59.78/SF) - Public Class C Service Building Built in 1973 Record SOLD lsthst CO IQ[1 thSt C ti _ : . . _ htk ,oit^ 4. ` 0 EThthSt _ dY Q Gao 'IC Map data @2017 Coogie Buyer & Seller Contact Info Recorded Buyer: Tire Care Centers 1621 1st Ave Greeley, CO 80631 LIc Recorded Seller: Doll Nancy L Transaction Details ID: 3503173 Price/AC Tenants Escrow Asking Percent No. at Document Land of time Sale Sale Price/SF: Tenancy: Tenants: Financing: Parcel Length: Gross: Leased: of Date: Price: Price: sale: No: No: 01/19/2016 - $220,000 - $59.78 $505,050.51 100.0% Single 1 Louie's $145,000.00 $74,000.00 096108401014 4173618 Alignment & Brake from Bank Of from Private Individual Inc Co Fas Improved Fiancial Total Land Land Inc Percent Value Value Value Year Sale Bldg Land Improved: Assessed: Assessed: Assessed/AC: Built/Age: Assessed Type: Type: RBA: Area: - Service Built in 1973 Age: 43 3,680 SF 0.44 AC (18,975 SF) 80.3% $63,800 in 2015 $51,250 $12,550 $28,810 Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 5 1621 3,680 1st Ave SF Class C Service Building Built in 1973 (con't) SOLD Income Expense Data Expenses - Operating Current - Expenses Total Expenses Industrial Taxes Information $4,720 ID: 8388884 $4,720 Smallest Lot Ceiling Loading Building Cross Bldg Bldg Rent/SF/Yr: Office Max Dimensions: Bldg Land Sprinklers: Expenses: Drive Rail Vacant: Parking: Status: Contig: Space: Height: Docks: Docks: Type: FAR: Avail: Area: Line: Ins: r: Service Built - 0 0.19 0 - - 0.44 - - None - 4110`0"w - None 2016 30 SF SF free in AC (bldg. Tax Surface 1973 total) x 14`0"h @ $1.281sf Spaces (total) are available; Location Ratio Warehouse Owner Owner Column of 8.15/1,000 Information Const % Leased: Total Occupied: Tenancy: Spacing: Levelators: Rail SF Stories: Avail: Avail: Zoning: Type: Crane: Type: Spots: RBA: CAM 3,680 100.0% 1 0 0 - - - No Single - None None Steel None SF SF SF Metro Submarket: Market: County: CBSA: CSA: DMA: Denver Weld Weld Greeley, Denver Denver, County Ind/Weld CO -Aurora, CO -WY -NE CO County Ind Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 6 4 706 12th Greeley, Sale on 3.000 St CO 80631 1015/2015 for $225.000 ($75.00/SF) - Research Complete SF Class C Warehouse Building Built in 1981 SOLD km 5 art f, 101hSt I. roc > ( MC lip 11th taL il q r�IP 13th St 13th Se o Ili Irt I' 14th Stri, 14th irtt 1�� S V H e, l f liti I Buyer & Seller Contact Info Recorded True Buyer: - Buyer: - Recorded True Seller Listing Seller: Seller: Type: Broker: Stanley Stanley Stanley 5600 Greeley, (970) Individual Wheeler Brian (970) W 397-8712 Smerud 352-5860 F F Rogers 3rd CO Management Rogers Rogers St 80634 Group, Inc. Transaction Details ID: 3405979 Escrow Price/AC Percent Actual Sale No. Tenants at Asking Sale Land Conditions: of time Sale Sale Price/SF: Leased: Tenancy: Cap Tenants: Parcel Length: of History: Date: Price: Price: Gross: Rate: sale: No: 10/05/2015 - $225,000 $250,000 $75.00 $1,089,060.99 100.0% Single 7.78% Investment 1 Choice 096108211021 Sold Sold Sold (165 -Confirmed Triple Automotive on 12/22/2016 on 12/22/2016 for $225,000 days on Net Finishes ($75.00/SF) market) Year on 10/5/2015 Sale Bldg Land Built/Age: Type: Type: RBA: Area: Investment Warehouse Built 3,000 0.21 AC in SF 1981 Age: 34 (8,999 SF) Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 7 706 12th 3,000 SF Class St C Warehouse Building SOLD Built in 1981 (con't) Transaction Notes This The sale building transaction is for is currently leased the industrial for 4 years. building at 706 3,000 SF 12th Street plus 1,124 SF in Greeley. This Mezzanine area. property Large sold for $225,000 corner lot and add on CAP October rate approximately 5, 2015. 7.8/0..21 Acres total. 10' useabel garage door and 2-14' garage doors that could be re -opened for use, and 16' clear ceiling height. Zoned CH -3 Income Expense Data Expenses - Taxes $3,082 - Operating Expenses Total Expenses $3,082 Net Income Net Operating Income $175,000 - Debt Service - Capital Expenditure Cash Flow Current Industrial Information ID: 8374489 Bldg Type: Warehouse RBA: 3,000 SF Bldg Status: Built in 1981 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.33 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: CH3 Smallest Space: - Owner Type: - Land Area: 0.21 AC Owner Occupied: No Lot Dimensions: - Tenancy: Single Ceiling Height: 20'0" Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: 1/9'0"w x 12`0"h (total) Const Type: Masonry Sprinklers: Wet Rail Spots: None Rail Line: None Expenses: 2016 Tax @ $1.03/sf Parking: 6 free Surface Spaces are available; Ratio of 2.10/1,000 SF Features: Fenced Lot, Signage Location Information Metro Market: Denver Submarket: Weld County Ind/Weld County Ind County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 8 5 309 Fort Sale 6.000 S Collins, on 10/2/2015 SF Link Class CO Ln - 80524 for $316,800 C Warehouse East Building ($52.80/SF) Building - Public Built in 1964 Record SOLD 13 co in cc ke cv 41‘11/24 2 As co E 5,1 alei a = - LI tit !may ` e 1 Thre. - W' _ vs. 1 - " • ate_ - � ' 4' r 11her1p t14 y d; y , .y�10 . GoogIt Map data ®2017 Google Buyer & Seller Contact Info Recorded Buyer: Sisu Investments Lp Recorded Seller: Public Trustee Of Lar mer Cnty Transaction Details ID: 3414351 Escrow Price/AC Percent No. Tenants Asking Land of at time Document Sale Sale Sale Price/SF: Tenancy: Tenants: Parcel Length: Gross: Leased: of History: Date: Price: Price: sale: No: No: 10/02/2015 - $316,800 - $52.80 $305,319.97 100.0% Single 1 Thunderpup 87073-21-001 20150066217 Sold Sold Sold Sold Sold on on for for for 12/4/2015 10/9/2015 $316,800 $157,500 $126,000 Construction ($52.80/SF) ($105.001SF) ($105.001SF) Non -Arms Inc Length on 10/2/2015 on 5/21/2013 on 5/21/2013 Improved Total Land Land Percent Value Value Value Year Assessed/AC: Sale Bldg Land Improved: Assessed: Assessed: Built/Age: Assessed Type: Type: RBA: Area: - Warehouse Built 6,000 1.04 77.9% $207,350 $161,470 $45,880 $44,217 in 1964 Age: 51 SF AC (45,198 SF) in 2014 Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/2512017 Page 9 309 S Link Ln - East Building 6,000 SF Class C Warehouse Building Built in 1964 (con't) SOLD Current Industrial Information ID: 712337 Bldg Type: Bldg Status: Rent/SF/Yr: Bldg Vacant: Building FAR: Office Avail: Max Contig: Smallest Space: Land Area: Lot Dimensions: Ceiling Height: Loading Docks: Cross Docks: Drive Ins: Sprinklers: Rail Line: Expenses: Warehouse Built in 1964 - 0 SF 0.13 0 SF - - 1.04 AC - 10'0"-12'O" None (bldg. total) 119'0"w x 14'0"h (total) None 2009 Tax @ $3.111sf RBA: 6,000 SF % Leased: 100.0% Stories: 1 Total Avail: 0 SF Warehouse Avail: 0 SF CAM - Zoning: Owner Type: Owner Occupied: No Tenancy: Single Column Spacing: Levelators: Crane: Const Type: Rail Spots: Parking: 10 free Surface Spaces are available; Ratio of 1.67/1,000 SF Features: Signage Location Information None Metal None Metro Market: Submarket: County: CBSA: DMA: Denver Fort Collins/Loveland Ind/Fort Collins/Loveland Ind Larimer Fort Collins, CO Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/2512017 Page 10 6 4020 Loveland, Sale 2,352 on SF N 10/2/2015 Garfield CO 80538 Class for C Warehouse Ave $200..000 ($85.03/SF) - Research Complete Building Built in 2000 SOLD W 43rd St 4 . , 0.,gin 0 Oak Dr .- Civa . �s I E "17nd St 41st E. 40th St 1 _ T Jefferson Dr r - _ �tJ Elder Dr FM ;1 . .. -. 'IN 37th St eh Google dr Cr Map data O2017 Google Buyer & Seller Contact Info Recorded Buyer: Coffman LLC Recorded Seller: Hainey Family Lp RIIIp True Buyer: Coffman LLC True Seller: Margaret K Hainey Revocable Trust 4020 N Garfield Ave Margaret Hainey Loveland, CO 80538 13884 E Linvale PI Aurora, CO 80014 (303) 755-9648 Buyer Type: Developer/Owner-RGNL Seller Type: Trust Transaction Details ID: 3414349 Sale Date: 10/0212015 (786 days on market) Sale Type: Investment Escrow Length: - Bldg Type: Warehouse Sale Price: $200,000 -Full Value Year Built/Age: Built in 2000 Age: 15 Asking Price: $299,900 RBA: 2,352 SF Price/SF: $85.03 Land Area: 0.55 AC (23,958 SF) Price/AC Land Gross: $363,636.36 Percent Leased: 100.0% Tenancy: Single Percent Improved: 46.7% Total Value Assessed: $65,070 in 2014 Improved Value Assessed $30,360 Land Value Assessed: $34,710 Land Assessed/AC: $63,109 Financing: $151,399.00 from Western St Bk Legal Desc: POR NW 1-5-69, BEG AT PT ON W LN 790.5 FT S OF NW COR, N 89 52' E 260 FT, 5 0 02' E 199.5 FT, S 89 52' W 260.71 FT TO W LN, N 199.5 FT TPOB; EX POR IN 1079-148 Parcel No: 95012-00-006 Document No: 20150066283 Copyrighted report licensed to James Real Estate Services Inc - 21974. 6125/2017 Page 11 4020 2,352 SF N Class Garfield C Warehouse Ave Building Built in 2000 (con't) SOLD Transaction Notes The disclose property any located at 4020 of the vital data N Garfield Ave changed hands or were unable to be contacted. Income on October 2, 2015 All information is Expense Data for based $200,000. The on recorded documents parties involved were not at liberty and county assessor to records. Expenses - Taxes $5,063 - Operating Expenses Total Expenses $5,063 Current Industrial Information ID: 8977286 Bldg Type: Warehouse RBA: 2,352 SF Bldg Status: Built in 2000 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.10 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: B Smallest Space: - Owner Type: Developer/Owner-RGNL Land Area: 0.55 AC Owner Occupied: No Lot Dimensions: - Tenancy: Single Ceiling Height: - Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: 3/910"w x 12'0"h (total) Const Type: Metal Sprinklers: - Rail Spots: None Rail Line: None Expenses: 2016 Tax @ $2.17/sf Parking: 20 free Surface Spaces are available; Ratio of 8.50/1,000 SF Location Information Metro Market: Denver Submarket: Fort Collins/Loveland Ind/Fort Collins/Loveland Ind County: Larimer CBSA: Fort Collins, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 12 7 2209 Fort Sale 5.806 Airway Ave Collins, CO 80524 on 7/28/2015 for $400,000 SF Class C Warehouse ($68.89/SF) - Public Building Built in 1983 Record SOLD 196, et.6, jo J' it it) 17 , i - "ice 6 - J z --" ... _ 1 a_ _ t E Hulbert Mulberry i 1 4 ti s _ 4, <C r.ntiriTigaitt Googie. - Map g'2O17 no l r Buyer & Seller Contact Info Recorded Buyer: Joe 3308 Fort Falsetto Lippizan Collins, Ct CO 80525 Recorded Seller: French Jerry Transaction Details ID: 3360053 Price/AC Escrow Percent Asking Document Land Sale Sale Price/SF: Tenancy: Financing: Parcel Length: Gross: Leased: Date: Price: Price: No: No: 07/28/2015 - $400,000 - $68.89 $436,681.22 100.0% Single $360,000.00 87083-05-005 20150048940 Improved from Seller Total Land Land Percent Value Value Value Year Sale Bldg Land Improved: Assessed: Assessed: Assessed/AC: Built/Age: Assessed Type: Type: RBA: Area: - Warehouse Built 5,806 0.92 48.3% $78,300 $37,820 $40,480 $44,192 in 1983 Age: 32 SF AC (39,901 SF) in 2014 Income Expense Data Expenses - Operating - Expenses Taxes $8,641 Total Expenses $8,641 Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 13 2209 Airway Ave 5,806 SF Class C Warehouse Building Built in 1983 (con't) SOLD Current Industrial Information ID: 8226179 Bldg Type: Bldg Status: Rent/SF/Yr: Bldg Vacant: Building FAR: Office Avail: Max Contig: Smallest Space: Land Area: Lot Dimensions: Warehouse Built in 1983 - O SF 0.15 O SF - - 0.92 AC - Ceiling Height: - Loading Docks: Cross Docks: - None (bldg. total) Drive Ins: 219'0"w x 14'0"h (total) Sprinklers: - Rail Line: None Expenses: 2016 Tax @ $1.50/sf RBA: % Leased: Stories: Total Avail: Warehouse Avail: CAM Zoning: Owner Type: Owner Occupied: Tenancy: Column Spacing: Levelators: Crane: Const Type: Rail Spots: Parking: 8 free Surface Spaces are available; Ratio of 1.38/1,000 SF Location Information 5,806 SF 100.0% 1 O SF 0SF I No Single - None None Metal None Metro Market: Submarket: County: CBSA: DMA: Denver Fort Collins/Loveland Ind/Fort Collins/Loveland Ind Larimer Fort Collins, CO Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 14 8 1605 Fort Sale 4.129 Collins, on SF E 412912015 Class Lincoln CO 80524 for C Warehouse Ave $725.000 ($175.59/SF) - Research Complete Building Built in 1965 SOLD 4;1 Po c le -4,- a. = e ro ri E It (.? _ . VA tl a li � �� 5 I', r 04 0 0 -feint i a ; I Map daft" ®2017 G nMMMle .' 00g l e Buyer & Seller Contact Info Recorded Buyer: Specialized Equipment Leasing, LLC Recorded Seller: D & N Houska Family, LLC True Buyer: Jason Dingae True Seller: Dennis Houska 393 Wanda Ct Dennis Houska Loveland, CO 80537 1114 Club View Ter (970) 567-2209 Fort Collins, CO 80524 (970) 482-0307 Buyer Type: Individual Seller Type: Individual Buyer Broker No Buyer Broker on Deal Transaction Details ID: 3293241 Sale Date: 04/29/2015 Sale Type: Owner/User Escrow Length: 90 days Bldg Type: Warehouse Sale Price: $725,000 -Confirmed Year Built/Age: Built in 1965 Age: 50 Asking Price: - RBA: 4,129 SF Price/SF: $175.59 Land Area: 1.25 AC (54,450 SF) Price/AC Land Gross: $580,000.00 Percent Leased: 100.0% Tenancy: Single Percent Improved: 26.1% Sale Conditions: Purchase By Tenant Total Value Assessed: $165,510 in 2014 Improved Value Assessed $43,180 Land Value Assessed: $122,330 Land Assessed/AC: $97,864 No. of Tenants: 1 Tenants at time of sale: Choice Towing Financing: Down payment of $61,000.00 (8.4%) $368,900.00 from Wells Fargo Bk Na $295,100.00 from Wells Fargo Bank Parcel No: 87074-20-014, 87073-22-013 Document No: 20150025445 Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 15 1605 4,129 SF E Class Lincoln Ave C Warehouse Building Built in 1965 (con't) SOLD Transaction Notes On $725,000 The April new 29, 2015 or 175.59 owner the was 4,129 per a square tenant square operating foot industrial foot. at this building location located at for over ten years. 1605 East Lincoln Avenue in Fort Collins, Colorado was sold for Details of the transaction were verified by the owner. Income Expense Data Expenses - Taxes $17,146 - Operating Expenses Total Expenses $17,146 Current Industrial Information ID: 8130418 Bldg Type: Warehouse RBA: 4,129 SF Bldg Status: Built in 1965 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.08 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: Smallest Space: - Owner Type: Individual Land Area: 1.25 AC Owner Occupied: Yes Lot Dimensions: - Tenancy: Single Ceiling Height: - Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: 219'0"w x 12`0"h (total) Const Type: Metal Sprinklers: - Rail Spots: None Rail Line: None Expenses: 2016 Tax @ $4.18/sf Parking: 12 free Surface Spaces are available; Ratio of 2.91/1,000 SF Features: Fenced Lot Location Information Metro Market: Denver Submarket: Fort Collins/Loveland Ind/Fort Collins/Loveland Ind County: Larimer CBSA: Fort Collins, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 16 9 1416 Loveland, Sale 6.109 on SF E 412912015 Class Eisenhower CO 80537 for C $525.000 Warehouse Blvd Building ($85.94/SF) - Research Complete Built in 1962 SOLD 9ed 15th Or D r, E -` it St E 15th 1 ,F thl Si St )81(‘ ST � E Eisenhower Blvd d -- "tl f` rte f= � �� '�.- _ 4' #.,.r- "a IICIMIZ4 ii.fl a. .., 0.7 'Sylmar PI 4. • , o V ' * o 4 Nickel r Dr o 4 Garnet Sit :e Q C rp J w0 o : G tl _. '! 4.,iI L 1 "°h St Map data ICC017Goo le � Buyer & Seller Contact Info Recorded True Buyer Buyer: Buyer: Type: Center Douglas Douglas 1416 Loveland, (970) Individual Cut Nagle Nagle E Eisenhower CO 229-5925 Ents 80537 LIc Blvd Recorded True Seller Listing Seller: Seller: Type: Broker: Richard Richard Richard 6014 Loveland, Individual RE/MAX Russ (970) W Baca 593-0999 L Menkin L Menkin Menkin County CO 80537 Eagle Road Rock 12 Transaction Details ID: 3298395 Escrow Price/AC Percent Asking Land Document Legal Sale Sale Price/SF: Tenancy: Financing: Parcel Date: Length: Price: Price: Gross: Leased: Desc: No: No: 04/29/2015 - $525,000 - $85.94 $972,222.22 100.0% Single Down $422,400.00 LOT 85182-24-006 20150027056 6, -Confirmed payment BLK of from JP 1, BROWN'S $102,600.00 Morgan (19.5%) Chase CORNER Bank ADD, Improved LOV Total Land Land Percent Year Value Value Value Assessed/AC: Sale Bldg Land Improved: Assessed: Assessed: Built/Age: Assessed Type: Type: RBA: Area: Owner/User Warehouse Built 6,109 0.54 53.9% $109,620 $59,130 $50,490 $93,500 in SF AC 1962 Age: 53 (23,522 SF) in 2014 Copyrighted report licensed to James Real Estate Services Inc - 21974. 6125/2017 Page 17 1416 6,109 E Eisenhower Blvd C Warehouse Building SOLD Built in 1962 (con't) SF Class Sale History: Sold Sold for $525,000 ($85.94/SF) for $400,000 ($65.48/SF) on 4/2912015 on 6122/2011 Transaction Notes The seller sold the 6,109 -SF industrial building in Loveland, CO, to Center Cut Enterprise, LLC on 5/6/15 for $525,000, or approximately $85 per square foot. This was an owner/user sale. The information was verified from public record documents from the Larimer County Income Expense Data Expenses - Taxes $9,176 - Operating Expenses Total Expenses $9,176 Current Industrial Information ID: 8047750 Bldg Type: Warehouse RBA: 6,109 SF Bldg Status: Built in 1962 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.26 Warehouse Avail: 0 SF Office Avail: 0 SF CAM - Max Contig: - Zoning: B Smallest Space: - Owner Type: Individual Land Area: 0.54 AC Owner Occupied: No Lot Dimensions: - Tenancy: Single Ceiling Height: - Column Spacing: - Loading Docks: Yes (bldg. total) Levelators: - Cross Docks: - Crane: - Drive Ins: 2 (total) Const Type: Masonry Sprinklers: - Rail Spots: - Rail Line: None Expenses: 2016 Tax @ $1.511sf Power: 220v 3p Parking: 26 Surface Spaces are available; Ratio of 4.25/1,000 SF Location Information Metro Market: Denver Submarket: Fort Collins/Loveland Ind/Fort Collins/Loveland Ind County: Larimer CBSA: Fort Collins, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 18 10 1979 Greeley, Sale 7.200 on SF 2nd CO 4/9/2015 Class Ave SOLD 80631 for $417,500 ($57.99/SF) - Public Record B Service Building Bunt hi 1979 IC ni C n E lath Si St' ru pa fiti no< 'I 2 2) CO ,. �' .rj fit- a ell •� -� - G 20th Sty _ 1 aul 5 0 Cii y th Map data O2017 Google • ' Buyer & Seller Contact info Recorded Buyer: Wholesalers Property Co Lie Recorded Seller: Denver Peetz LIc 3110 Kettering Blvd Moraine, OH 45439 Transaction Details ID: 3282990 Sale Escrow Length: Date: 04/09/2015 Sale - Bldg Type: Type: - Service Sale Price: $417,500 Year Built/Age: Built in 1979 Age: 36 Asking Price: - RBA: 7,200 SF Price/SF: $57.99 Land Area: 1 AC (43,560 SF) Price/AC Land Gross: $417,500.00 Percent Leased: 100.0% Tenancy: Single Percent Improved: 69.3% Total Value Assessed: $78,080 in 2013 Improved Value Assessed $54,080 Land Value Assessed: $24,000 Land Assessed/AC: $24,000 No. of Tenants: 1 Tenants at time of sale: Greeley Winnelson Co Parcel No: 096108408027 Document No: 4097435 Sale History: Sold Sold for $417,500 ($57.99/SF) on 1/5/2015 on 419/2015 Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 19 1979 7,200 2nd Ave SF Class B Service Building Built in 1979 (con't) SOLD Income Expense Data Expenses - Operating Current - Expenses Total Expenses Industrial Taxes Information $6,464 ID: 1527883 $6,464 Smallest Lot Ceiling Loading Building Cross Bldg Bldg Rent/SF/Yr: Office Max Dimensions: Bldg Land Sprinklers: Expenses: Drive Rail Features: Vacant: Parking: Status: Contig: Space: Height: Docks: Docks: Type: FAR: Avail: Area: Line: Ins: r: Service Built - 0 0.17 0 - - 1 - - None - 7/9`0"w - None 2016 10 Fenced SF SF AC free in (bldg. Tax Surface 1979 total) x 14"0"h @ $1.721sf Lot Spaces (total) are available; Location Ratio Warehouse Owner Owner Column of 1.3911,000 Information Const % Leased: Total Occupied: Tenancy: Spacing: Levelators: Rail SF Stories: Avail: Avail: Zoning: Type: Crane: Type: Spots: RBA: CAM 7,200 100.0% 1 0 SF 0 SF - - - No Single - None - Metal - SF Metro Submarket: Market: County: CBSA: CSA: DMA: Denver Weld Weld Greeley, Denver Denver, County Ind/Weld CO -Aurora, CO -WY -NE CO County Ind Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 20 11 600 Windsor Windsor, Sale 3.963 Innovation Tech Business CO 80550 on 3/11/2015 SF Class Cir - Windsor Center for $700,000 ($176.63/SF) B Warehouse Building Built Tech - Research in 1996 Business Complete Center SOLD le gCle 't l �St9 r-aelete chnologyeir 19 Fn fir _ in a 'lJ IV_I J t Map rht M2017 Goonie Googie. Buyer & Seller Contact Info Recorded Buyer: W C Birkenmayer Recorded Seller: 600 Innovation Windsor LIc True Buyer: W C Birkenmayer True Seller: Meridian Properties Real Estate Inc W Birkenmayer Mike Kalscheur 205 Krameria St 3405 Highland Dr Denver, Co 80220 Carlsbad, CA 92008 (303) 333-1124 (760) 525-8834 Buyer Type: Individual Seller Type: Developer/Owner-RGNL Buyer Broker: Unique Properties, Inc Listing Broker: Lee & Associates Marc Lippitt Greg Pieratt (303) 321-5888 (760) 929-7837 Scoft Shwayder (303) 321-5888 Transaction Details ID: 3262244 Sale Date: 03/11/2015 Sale Type: Investment Escrow Length: - Bldg Type: Warehouse Sale Price: $700,000 -Confirmed Year Built/Age: Built in 1996 Age: 19 Asking Price: - RBA: 3,963 SF Price/SF: $176.63 Land Area: 0.82 AC (35,719 SF) Price/AC Land Gross: $853,658.54 Percent Leased: 100.0% Tenancy: Single Percent Improved: 69.1% Actual Cap Rate: 6.26% Total Value Assessed: $79,350 in 2013 Sale Conditions: Investment Triple Net Improved Value Assessed $54,860 Land Value Assessed: $24,490 Land Assessed/AC: $29,865 No. of Tenants: 1 Tenants at time of sale: United Site Svc Parcel No: 080722202005 Document No: 4089309 Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 21 600 3,963 Innovation Cir - Windsor SF Class B Warehouse Building Built Business Center (conrt) SOLD Tech in 1996 Sale History: Sold Sold Sold Sold for $700,000 ($176.63/SF) for $439,000 ($110.77/SF) for $290,000 ($73.18/SF) for $200,000 ($50.47/SF) on on on on Income 3/11/2015 8/13/2014 5/11/2012 12/17/2010 Expense Data Expenses - Operating Current Total Industrial - Expenses Expenses Taxes Information $7,484 ID: 7766532 $7,484 Smallest Lot Ceiling Loading Building Cross Bldg Dimensions: Bldg Rent/SF/Yr: Office Max Land Bldg Sprinklers: Expenses: Drive Rail Features: Status: Vacant: Contig: Height: Space: Docks: Docks: Power: Type: FAR: Avail: Area: Line: Ins: Warehouse Built - 0 SF 0.11 0 SF - - 0.82 - 14'0"-16'0" None - 2/14'0"w - None 2016 200a/220v Fenced AC in (bldg. Tax 1996 total) x 14'0"h @ $2.00/sf Lot Warehouse Owner Owner Column (total) Location Information % Total Occupied: Tenancy: Spacing: Levelators: Const Rail Leased: Stories: Zoning: Type: Crane: Type: Spots: RBA: Avail: Avail: CAM 3,963 100.0% 1 0 SF 0 SF - I-1 Individual Yes Single - None None Steel None SF Park Metro Submarket: Name: Market: County: CBSA: CSA: DMA: Windsor Denver Weld Weld Greeley, Denver Denver, Tech County CO -Aurora, CO -WY Ind/Weld Business Center County Ind CO -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 22 12 913 Greeley, Sale 4.500 38th Avenue CO 80634 on 10/3/2014 SF Class C Ct for $274,000 Warehouse ($60.89/SF) - Public Building Built in 1978 Record SOLD 01 SI Olh St a) 4. r I W 8th St _._..I. ' W 8th t .. ! . gr Ii E ■ + .. r M ELM CP QJ 'SG ` th Ave et 'ryas AN SOO Pith 'M Map data O2017 Gcogle Go ogle Buyer & Seller Contact Info Recorded Buyer: Smits Investments LIc Recorded Seller: Rockstar Construction Lie 5200 W27th St Greeley, CO 80634 Transaction Details ID: 3138671 Sale Date: 10/03/2014 Sale Type: - Escrow Length: - Bldg Type: Warehouse Sale Price: $274,000 Year Built/Age: Built in 1978 Age: 36 Asking Price: - RBA: 4,500 SF Price/SF: $60.89 Land Area: 0.27 AC (11,914 SF) Price/AC Land Gross: $1,001,828.15 Percent Leased: 100.0% Tenancy: Single Percent Improved: 79.4% Total Value Assessed: $58,610 in 2013 Improved Value Assessed $46,530 Land Value Assessed: $12,080 Land Assessed/AC: $44,168 Parcel No: 095902441001 Document No: 4051319 Sale History: Sold for $274,000 ($60.89/SF) on 10/3/2014 Sold on 3/16/2010 Sold on 4/2/2009 Non -Arms Length Income Expense Data Expenses - Taxes $4,428 - Operating Expenses Total Expenses $4,428 Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 23 913 38th Avenue Ct 4,500 SF Class C Warehouse Building Built in 1978 (con"t) SOLD Current Industrial Information ID: 851949 Bldg Type: Bldg Status: Rent/SF/Yr: Bldg Vacant: Building FAR: Office Avail: Max Contig: Smallest Space: Land Area: Lot Dimensions: Warehouse Built in 1978 - O SF 0.38 0 SF - - 0.27 AC - Ceiling Height: 1210"-1410" Loading Docks: None (bldg. total) Cross Docks: - Drive Ins: 3110'0"w x 12'0"h (total) Sprinklers: - Rail Line: None Property Mix: Expenses: Power Industrial Office 2016 Tax @ $1.111sf 3p 3,300 SF 1,200 SF RBA: % Leased: Stories: Total Avail: Warehouse Avail: CAM Zoning: Owner Type: Owner Occupied: Tenancy: Column Spacing: Levelators: Crane: Const Type: Masonry Rail Spots: None 4,500 SF 100.0% 1 O SF 0SF No Single (73.3%) (26.7%) Parking: 10 free Surface Spaces are available; Ratio of 2.20/1,000 SF Location Information None Metro Market: Submarket: County: CBSA: CSA: DMA: Denver Weld County Ind/Weld County Ind Weld Greeley, CO Denver -Aurora, CO Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 24 13 5739 Fort Collins, Sale on 8.000 SF Bueno CO 9119/2014 Class C 80525 Dr for $435.000 Manufacturing ($54.38/SF) - Research Complete Building Built in 1984 SOLD c 4 C) an CU r''rr. - la I I `'IP;d lilt _ 7 0 Cl; A Y 1 ekey St „. i . ,,,.. - ... = ..••=-- -MI witSt i, r - et 0 1, c re F Saturn Dr o O CD _ h‘,. cm OO id; 00 Google Map data @2017 Goode Buyer & Seller Contact Info Recorded Buyer: - Recorded Listing Seller: Broker: Benchmark Resident Raechel (970) 381-1768 Drake Realty Electrical Solutions Transaction Details ID: 3176275 Escrow Asking Price/AC Percent Land Sale Sale Price/SF: Tenancy: Date: Length: Price: Price: Gross: Leased: 09/19/2014 - $435,000 $449,000 $54.38 $1,717,331.23 100.0% Single (333 days on market) Sale Bldg -Confirmed Year Land Built/Age: Type: Type: RBA: Area: Investment Manufacturing Built in 1984 Age: 30 8,000 SF 0.25 AC (11,034 SF) Income Expense Data Expenses - Operating - Expenses Taxes $7,568 Total Expenses $7,568 Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 25 5739 Bueno Dr 8,000 SF Class C Manufacturing Building Built in 1984 (can't) SOLD Current Industrial Information ID: 9250123 Bldg Type: Bldg Status: Rent/SF/Yr: Bldg Vacant: Building FAR: Office Avail: Max Contig: Smallest Space: Land Area: Lot Dimensions: Ceiling Height: Loading Docks: Cross Docks: Drive Ins: Sprinklers: Rail Line: Expenses: Power Parking: Manufacturing Built in 1984 - 0 SF 0.73 0 SF - - 0.25 AC - (bldg. total) 4 (total) None 2016 Tax @ $1.23/sf 1200a/120 -240v 3p 16 Surface Spaces are available RBA: % Leased: Stories: Total Avail: Warehouse Avail: CAM Zoning: Owner Type: Owner Occupied: Tenancy: Column Spacing: Levelators: Crane: Const Type: Rail Spots: Location Information 8,000 SF 100.0% 2 O SF 0SF CS Single Metro Market: Submarket: County: CBSA: DMA: Denver Fort Collins/Loveland Ind/Fort Collins/Loveland Ind Larimer Fort Collins, CO Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 26 14 310 Milliken, Salo 7900 on Frontier CO 80543 8/18/2014 SF Class B Ct for $828.,500 ($118.36/SF) Warehouse Building - Research Complete Built in 1995 SOLD es tot, 2 ir— _ at cil 474,114 ~ Pia .. c o O C) (Tc) ',;01..) d d r • , Googie Hap data @2C1 GoorIIe r Buyer & Seller Contact Info Recorded Buyer True Buyer Broker: Buyer: Buyer: Type: Ailport Arctic Shane PO Glenrock, (307) Corporate/User Realtec Services Larry (970) Box Oilfield Ailport 262-0713 Melton 593-9900 Properties 1321 Commercial WY CO, LLC Services 82637 Real Estate Recorded True Seller Listing Seller: Seller: Type: Broker: Lot Hall Bret 301 Milliken, (970) Developer/Owner-RGNL Realtec Services Mark (970) Holding -Irwin Hall Centennial 587-7200 Bradley 227-2511 Investments Corporation CO Commercial 80543 Dr Real LLC Estate Transaction Details ID: 31 06075 Price/AC Percent Tenants Escrow No. at Asking Document Sale Date: Length: Sale Price: Price: Price/SF: Land Gross: Leased: Tenancy: of Tenants: time of Legal Desc: Parcel sale: No: No: 08/18/2014 - $828,500 - $118.36 $753,181.82 100.0% Single 1 FMC MIL 105912014003 4038944 FCC -Confirmed Technologies L3 FRONTIER COMMERCIAL Improved CENTER Total Land Land Year Percent Value Value Value Sale Bldg Land Improved: Assessed: Assessed: Assessed/AC: Built/Age: Assessed Type: Type: RBA: Area: Investment Warehouse Built in 7,000 1.10 AC 83.9% $152,250 $127,730 $24,520 $22,290 1995 Age: 19 SF (47,916 SF) Copyrighted report licensed to James Real Estate Services Inc - 21974. 6125/2017 Page 27 310 Frontier Ct 7,000 SF Class B Warehouse SOLD Building Built in 1995 (can't) Sale History: Sold Sold for $828,500 ($118.36/SF) on 5/18/2011 on 8118/2014 Transaction Notes 310 Frontier Court in Millliken, CO sold on August 18, 2014 for $828,500. The seller verified the sale date, price and the property size. This was an investment sale and the property was occupied at closing. We were unable to determine financing detail or time under contract. Income Expense Data Expenses - Taxes $22,230 - Operating Expenses Total Expenses $22,230 Current Industrial Information ID: 6829037 Bldg Type: Warehouse RBA: 7,000 SF Bldg Status: Built in 1995 % Leased: 100.0% Rent/SF/Yr: - Stories: 1 Bldg Vacant: 0 SF Total Avail: 0 SF Building FAR: 0.15 Warehouse Avail: 0 SF Office ,wail: 0 SF CAM - Max Contig: - Zoning: - Smallest Space: - Owner Type: Corporate/User Land Area: 1.10 AC Owner Occupied: - Lot Dimensions: - Tenancy: Single Ceiling Height: 16'0" Column Spacing: - Loading Docks: None (bldg. total) Levelators: None Cross Docks: - Crane: None Drive Ins: 4/14.0"w x 14'0"h (total) Const Type: - Sprinklers: - Rail Spots: None Rail Line: None Expenses: 2016 Tax @ $3.561sf Power: 250a/120 -208v Location Information Metro Market: Denver Submarket: Weld County Ind/Weld County Ind County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/2512017 Page 28 15 600 Windsor Windsor, Sale 3.963 Innovation Tech Business CO 80550 on 8/1312014 SF Class Cir - Windsor Center for $439.000 (110.77/SF) B Warehouse Building Built Tech - in 1996 Research Business Complete Center SOLD le gCle 't S t9 'Technology 'Cir I i�� "h r. , - iniGooga CIJ Ici is T- �." le. Map rht @2017 oo* Buyer & Seller Contact Info Recorded True Buyer Buyer: Buyer: Broker: 600 3405 Carlsbad, - Lee Greg (760) Innovation Highland & Associates Pieratt 929-7837 CA Windsor Dr 92008 LLC Recorded True Seller Listing Seller: Seller: Type: Broker: Julie Julie Julie 1998 Bellvue, (970) Individual Cushman Travis (970) Rickett Rickett Rickett Pleasant 224-9746 Ackerman 267-7720 CO 80512 & Glen Wakefield Ln Transaction Details ID: 3092611 Tenants Price/AC Percent Actual Escrow No. at Asking time Document Sale Sale Sale Price/SF: Land Tenancy: Cap of Tenants: Parcel Date: Length: Price: Price: Gross: Leased: Rate: of History: sale: No: No: 08/13/2014 - $439,000 $425,000 $110.77 $535,365.85 100.0% Single 6.00% 1 United 080722202005 4038786 Sold Sold Sold Sold (420 days on market) -Confirmed Site Svc for $700,000 ($176.63/SF) for $439,000 ($110.77/SF) for $290,000 ($73.18/SF) for $200,000 ($50.47/SF) Year on 3/11/2015 on 8/13/2014 on 5111/2012 on 12/17/2010 Sale Bldg Land Type: Type: Built/Age: RBA: Area: Investment Warehouse Built in 3,963 0.82 AC 1996 Age: 18 SF (35,719 SF) Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 29 600 3,963 Innovation Cir SF Class B Warehouse - Windsor Building Built 1996 Business Center (court) SOLD Tech in Transaction Notes Property Property Submarket Buyer Seller Associates sold is could was represented a within not at on 4,160 the August the be sales square reached Colorado by transaction. 13, 2014 foot Industrial to confirm Travis Market. in Ackerman the the amount Building Property deal. of of that is Cassidy 439,000 is located Turley located Income from in Weld at seller to on 1.680 County. the sales Expense 600 Innovation acres Property transaction Data or 35,719 was and Windsor. square contructed buyer feet was LLC. in in 1996 represented the Weld of steel County Industrial construction. by Greg Pieratt of Lee & Expenses - Operating Total - Expenses Expenses Taxes $7,484 $7,484 Current Industrial Information ID: 7766532 Bldg Building Smallest Lot Ceiling Loading Cross Bldg Rent/SF/Yr: Office Max Dimensions: Bldg Land Sprinklers: Expenses: Drive Rail Features: Vacant: Status: Contig: Space: Height: Docks: Docks: Power: Type: FAR: Avail: Area: Line: Ins: Warehouse Built - 0 SF 0.11 0 SF - - 0.82 AC - 14'0"-16'0" None - 2/1410"w - None 2016 200a/220v Fenced in (bldg. Tax 1996 total) x 14'0"h (total) @ $2.001sf Lot Location Information Warehouse Owner Owner Column % Total Occupied: Tenancy: Spacing: Levelators: Const Rail Leased: Stories: Zoning: Type: Crane: Type: Spots: RBA: Avail: Avail: CAM 3,963 100.0% 1 0 0 - I-1 Individual Yes Single - None None Steel None SF SF SF Park Metro Submarket: Name: Market: County: CBSA: CSA: DMA: Windsor Denver Weld Weld Greeley, Denver Denver, Tech County CO -Aurora, CO -WY Business Center Ind/Weld County Ind CO -NE Copyrighted report licensed to James Real Estate Services Inc - 21974. 6/25/2017 Page 30 la t jar Fort Col n' 0 403 O4) b is 4 Z - ni 25.7 Timnath ••` Severance Eaton 1 =� p E8.53 1 6. i 1 O, 1 Lucerne :rag, (D Windscm i 6 Cag), 25 113 !1` Greele 23 N- EIRRA 1 l elirri 34 Loveland Gardi - ti; i 402 s Evans Auhu Campion +0 La Salle q ina u` 4.5 roi lG: Johnstown il - Google Welty WI MiliikerWMap data @2017 Google Address City Property Info Sale Info 1 515-519 7th St Greeley 2,177 SF Industrial/Warehouse Sold: $255,000 ($117.13/SF) 2 522 27th St Greeley 4,064 SF Industrial/Warehouse Sold: $740,000 ($182.09/SF) 3 1621 1st Ave Greeley 3,680 SF Industrial/Service Sold: $220,000 ($59.78/SF) 4 706 12th St Greeley 3,000 SF Industrial/Warehouse Sold: $225,000 ($75/SF) 5 4020 N Garfield Ave Loveland 2,352 SF Industrial/Warehouse Sold: $200,000 ($85.03/SF) 6 309 S Link Ln Fort Collins 6,000 SF Industrial/Warehouse Sold: $316,800 ($52.80/SF) 7 2209 Airway Ave Fort Collins 5,806 SF Industrial/Warehouse Sold: $400,000 ($68.89/SF) 8 1605 E Lincoln Ave Fort Collins 4,129 SF Industrial/Warehouse Sold: $725,000 ($175.59/SF) 9 1416 E Eisenhower Blvd Loveland 6,109 SF Industrial/Warehouse Sold: $525,000 ($85.94/SF) 10 1979 2nd Ave Greeley 7,200 SF Industrial/Service Sold: $417,500 ($57.99/SF) 11 600 Innovation Cir Windsor 3,963 SF Industrial/Warehouse Sold: $700,000 ($176.63/SF) 12 913 38th Avenue Ct Greeley 4,500 SF Industrial/Warehouse Sold: $274,000 ($60.89/SF) 13 5739 Bueno Dr Fort Collins 8,000 SF Industrial/Manufacturing Sold: $435,000 ($54.38/SF) 14 310 Frontier Ct Milliken 7,000 SF Industrial/Warehouse Sold: $828,500 ($118.36/SF) Copyrighted report licensed to James Real Estate Services Inc - 21974. 612512017 Page 31 15 600 Innovation Cir Windsor 3,963 SF Industrial/Warehouse Sold: $439,000 ($110.77/SF) Copyrighted report licensed to James Real Estate Services Inc - 21974. 6125/2017 Page 32 pA h Co[ it The RIPWI X b Den yC Goc 4b, Loc * RTC X Fay` le Rea x { )any St , gj Bill K On Rea 5i UL Sei•, ?r UL Fou ) il3 s Apr X / C2 CGS X O 4 - C 0 pradttctl.costar.carnjteaseCamps,/Rcsults)Incfa/#An2lytics e.. • Apps. ® TV .R ! 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WhitelPages Vonage a Marshall & Swift D Quarantine • t Search Criteria ' - ResuiliDetail 13 Lease Comps Lease Comps Analytics ( Map Rents Per SF Surrey High A siting Rent Volume Survey Low High Deals by Asking Rent $13.58 $8.50 $22.66 Deals Starting Rent 13 $15.74 $8.23. $20.56 SF Leased Effective Rent 60.033 1.049 7.3e.7 S15.74 $8.23 $,20.56 Average Deal SF C onces.sihns Survey Low High Months Free Rent TIAllowance Per SF Concessions ra A sking Rent Discount -1,4% -2.8% 4,617 1,049 Buildings 9 Building SF 227,004 6,.377 69,223 Time on Market Survey Law High Months on Market 22 1.0 542 0.0% Months Vacant A nnual Rent Increase 3.0% 3.0 0,0 r 2 r v 19,2 :$8 $10 $12 $14 x•16 >$16 3.Q% a0% Average Tarn in Years 3.7 1.0 Charts 5.0 Asking Rents Deals by Asking Rent Asking Rents By Service Type Concessions Deals by Months Free Rent Actual Rents Deals by Starting Rent Deals by Effective Rent Leasing Volume Leased SF by Deal Type Deals by Lease Terms in Years Time an Market Probability of Leasing In Months Deals by Months On Market Deals by Months Vacant Brokers Top Leasing Brokers Top Landlord Rep Brokers Top Tenant Rep Brokers Tenants Tenant Companies Tenant Industries Probability of Leasing in Months 100 cicu 50 % 0 % 3 9 18 35 60 >C8 Deals by Starting Rent 3 2 1 c$.8 O 1 Y 3'Y §Y 10Y All $10 $12 $14 $16 >$16 Deals. by Effective Rent 3 48 $10 $12 $14 $16 >$16 Cop-yrght (2042-2017 Costar Fleaity Information. Inc. All rights reserved. By using this she. you agree to our Terms of Ltse Contact Costar Logos are displayed to depict store ,scat :,n.s only and sre the property of their respective owners 0'r W3 C n Desktop Dropbox ORES) >> ,,ti 1� ;rte. $ +G0. 4' C.1>) 7:13 PM 41 Lease Comps Summary Deals Asking Rent Per SF Lease Comps Report Starting Rent Per SF Avg. Months On Market 11 $13.58 $15.74 9 LEASE COMPARABLES rk tiLit a Fort Coffins ea 202? tit Loveland nit fl ft ii : u rnratrin 3-04 1 i nnriath Windso felP Severance 2 14 ease Comparabiies 9 Mile Radars Eaton Lucerne Greeley Garden City. Evans I r'nIIn C Auburn Matt dila g20.17 Goode SUMMARY STATISTICS Rent Deals Low Average Median High Asking Rent Per SF 10 $8.50 $13.58 $12.75 $22.66 Starting Rent Per SF 3 $8.23 $15.74 $20.00 $20.56 Effective Rent Per SF 3 $8.23 $15.74 $20.00 $20.56 Asking Rent Discount 2 -2.8% -1.4% -1.4% 0.0% TI Allowance - - - - - Months Free Rent - - - - - Lease Attributes Deals Low Average Median High Months on Market 11 1 9 2 54 Deal Size 11 1,049 4,378 4,500 7,367 Lease Deal in Years 3 1.0 3.7 5.0 5.0 Floor Number 11 1 1 1 1 Junin Rtal rat forseg, Inc Copyrighted report licensed to James Real Estate Services Inc - 21974. It�� Costar 612512017 Page 1 Lease Comps Summary Lease Comps Report Lease Rents Property Name -Address Rating SF Leased Floor Sign Date Type Rent Rent Type 5837-5857 Wright Dr * * 4,125 1st 6/29/2016 New $9.00/nnn Asking 9 7795 SW Frontage Rd * 7,367 1st 1/1/2016 New $8.50/nnn Asking lir The Windsor 7352 Greenridge Warehouse e Rd .., * 2,080 1st 12/2/2015 New $9.00/nnn Asking 4 Precision 3855 Precision One Dr * * * * 4,100 1st 10/1/2015 Renewal $14.50/nnn Asking ab Windsor 661 Innovation Tech Cir * * * * 5,445 1st 9/17/2015 Renewal $8.23/nnn Effective 2840 W F St * * * 4,500 1st 9/1/2015 New $22.66/nnn Asking 9 5837-5857 Wright Dr ' ' ' * 4,125 1st 7/7/2015 New $8.50/nnn Asking 9 7360 Greendale Rd * * 6,377 1st 4/24/2015 New $11.00/nn Asking Precision 3855 Precision One Dr . . . * . 1,049 1st 10/2/2014 New $14.50/nnn Asking 2840 W F St 4,500 1st 8/16/2014 New $20.56/nnn Effective 2840 W F St * * 4,500 1st 8/2/2014 New $20.00/mg Effective Jan RS Fat fforseg, Inc Copyrighted report licensed to James Real Estate Services Inc - 21974. tit or Costar 6/25/2017 Page 2 Lease Comps Details 0 5837-5857 Wright Dr lir Loveland, CO 80538 ' Fort Collins/Loveland Ind Submarket Northern Colorado Regional Airport Goggle E irr'i:3rt Rd D, Dr n ti ci Map data ©'017 Gaggle MARKET AT LEASE Vacancy Rate 2016 Q2 Current Building Submarket 1-3 Star Metro Overall 0.0% 5.0% 5.7% Asking Rent Per SF 2016 Q2 Current Building Submarket 1-3 Star Metro Overall $9.00 $8.95 $8.61 Submarket Leasing Activity 2016 Q2 12 Mo, Leased SF Months On Market 755,214 3.6 YOY e 0.0% Alt 1.5% 2.0% YOY TENANT Lease Comps Report ***** Tenant Name: Industry: Kinsel Motors dba Capital paint & Refinish LLC Business Services LEASE SF Leased: 4,126 SF Sign Date: Jun 2016 Space Use: Industrial Lease Type: Floor: Direct lstFloor LEASE TERM RENTS Asking Rent: $9.00/NNN PROPERTY EXPENSES Taxes: $0.42/SF (2016) Operating Exo. $0.99/SF (2011 -Est); ... Start Date: Jul 2016 TIME ON MARKET Date On Market: Apr 2016 Date Off Market: Jul 2016 Months on Market: 3 Months LEASING REP Realtec Commercial Real Estate Services 400 E Horsetooth Rd, Suite 200 Fort Collins, CO 80525-3189 Steve Stansfield (970) 488-3011 PROPERTY TIME VACANT Date Occupiers Jul 2016 TENANT REP Realtec Commercial Real Estate Services 400 E Horsetooth Rd, Suite 200 Fort Collins, CO 80525-3189 Erik Broman (970) 488-3014 Property Type: Industrial Status: Built 1995 4, 20.4% Tenancy: 18.2% YOY ,4 80.0% * 6.9 Multi Class: C Construction: Metal Rentable Area: 25,000 SF Stories:. Floor Size: Ceiling Height: Vacancy at Lease: I 25,000 SF 15'-16' 0.0% Parking: 39 free Surface Spans.., Land Acres: 1.17 ,Tanits Real F.i.- a1 a Senicr..5, to c. Copyrighted report licensed to James Real Estate Services Inc - 21974. ♦`� CoStar 6/25/2017 Page 3 Lease Comps Details Lease Comps Report C. 7795 SW Frontage Rd Fort Collins, CO 80528 - Fort Collins/Loveland Intl Submarket ‘1411pr J eaysitiC i s Map data @2017 Google MARKET AT LEASE Vacancy Rate 2016 Q1 Current Building 50.0% YoY 4, 50.0% Submarket 1-2 Star 2.6% Ai, 0.7% Metro Overall 4.3% Al, 1.9% Asking Rent Per SF 2016 Q1 Current Building Submarket 1-2 Star Metro Overall $8.50 $8.46 $8.75 YOY 15.5% AL 22A% Submarket Leasing Activity 2016 O1 12 Mo, Leased SF Months On Market YoY 737.140 4. 28.0% 6.5 i' 3.2 TENANT Tenant Name: Industry: U -Haul Personal Services NAICS: Truck, Utility Trailer, and RV (Recreational Vehicle) Re - 532120 LEASE SF Leased: 7,367 SF Sign Date: Jan 2016 Space Use: Industrial Lease Type: Direct Floor: 1st Floor LEASE TERM Start Date: Mar 2016 TIME ON MARKET Date On Market: Dec 2015 Date Off Market: Mar 2016 Months on Market: 1 Months LEASING REP CBRE 3500 John F Kennedy Pky, Suite 310 Fort Collins, CO 80525 Mike Eyer (970) 372-3844 Peter D. Kelly (970) 372-3846 Julius C. Tabert (970) 372-3852 Jon Rue (970) 372-3851 PROPERTY RENTS Asking Rent: $8.50/NNN TIME VACANT Date Vacated: Dec 2015 Date Occupied: Mar 2016 Months Vacant: 3 Months Property Type: Industrial Status: No Tenancy: Class: C Rentable Area: 14,734 SF Stories: Vacancy at Lease: 50.0% Land Acres: 1.19 .Tsicurs Real F.ic at a Senicr..5, En c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ;kwCvStar 6/25/2017 Page 4 Lease Comps Details Lease Comps Report 7352 Greenridge Rd - The Windsor Warehouse Condos Windsor, CO 80550 - Fort Collins/Loveland Ind Submarket I4dst .down of Pry bkearf eplec Lase. fit 0- 2 Map data ©2017 Gouge MARKET AT LEASE Vacancy Rate 2015 Q4 YOY Current Building 0.0% 7.0% Submarket 2-4 Star 5.6% 4 3.7% Metro Overall 4.6% 3.0% Asking Rent Per SF 2015 Q4 YOY Current Building $9.00 Submarket 2-4 Star $8.48 29.1% Metro Overall $8.44 J 27.4% Submarket Leasing Activity 2015 O4 YOY 12 Mo, Leased SF Months On Market 748,807 5.9 25.0% 1.6 TENANT Tenant Name: Altitude Fire Protection Industry: Retailers/Wholesalers LEASE SF Leased: 2,080 SF Sign Date: Dec 2015 Space Use: Industrial Lease Type: Floor: Sublease 1st Floor Suite: A-2 RENTS Asking Rent: $9.00/NNN PROPERTY EXPENSES Taxes: 1..54/SF (2013) Operating Exp.: $0.90/SF (2011) LEASE TERM Start Date: Jan 2016 TIME ON MARKET Date On Market: Sep 2015 Date Off Market: Jan 2016 Months on Market: 3 Months LEASING REP Cushman & Wakefield 772 Whalers Way, Suite 200 Fort Collins, CO 80525-7581 Travis Ackerman (970) 267-7720 Daniel Rasmussen (970) 776-3900 Cushman & Wakefield 2101 L St NW, Suite 700 Washington, DC 20037-1526 Brian Hetherington (202) 742-2464 PROPERTY TIME VACANT Date Occupied: Jan 2016 Property Type: Industrial Status: Built Oct 2006 Tenancy: Multi Class: B Construction: Steel Parking: Rentable Area: Stories: O,223 SF 1 Floor Size: 69,223 SF Ceiling Height: Vacancy at Lease: 35 free Surface Space.., Land Acres: 17r' 0.0°14 3.17 .Tsicurs Real Fstat e Sei-vlcr..s. En c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ♦`of CoStar 6/25/2017 Page 5 Lease Comps Details 3855 Precision Dr - Precision One Loveland, CO 80538 ' Fort Collins/Loveland Ind Submarket a esce MARKET AT LEASE 25V v Map data ©2017 Google Vacancy Rate Current Building Submarket 2-4 Star Metro Overall 2015 Q4 10.5% 16.9% 15.9% YOY 10.5% Asking Rent Per SF Current Building Submarket 2-4 Star Metro Overall 2015 Q4 $14.50 $10.16 $10.16 esi- YDY 0.0% 4 3.9% AL 3.7% Submarket Leasing Activity 12 Mo, Leased SF Months On Market 2015 Q4 157,380 16.6 YoY t 34.4% 4 6.3 LEASE SF Leased: Sign Date: Space Use: 4,100 SF Oct 2015 Industrial Lease Type: Direct Floor: 1st Floor Suite: 4A LEASE TERM Start Date: Oct 2015 TIME ON MARKET Date On Market: Jul 2015 Date Off Market: Oct 2015 Months on Market: 3 Months PROPERTY Lease Comps Report RENTS Asking (der $14.50/NNN PROPERTY EXPENSES Taxes: $2.03/SF (2016) Operating Exp.: 2.511SF 2011m TIME VACANT Date Vacated: Date Occupied: Oct 2015 Oct 2015 Months Vacant: 1 Day Property Type: Status: Flex Built Nov 2005 Tenancy: Multi Class: Construction: B Masonry Parking:. Rentable Area: Stories: 31,374 SF 1 Floor Size: 31,374 SF Ceiling Height: 12'-15' Vacancy at Lease: 10.5°/ 104 free Surface Spa... Land Acres: 2.38 ,Tanits Real F.i'- a1 a Senicr..5. En c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ♦`� CoStar 6/25/2017 Page 6 Lease Comps Details 661 Innovation Cir - Windsor Tee Windsor, CO 80550 - Weld County Ind Submarket ;q, a/ fit,s ,;t*st GCS o •••� aaaCC.,,,�� Dr enn•ul✓) it. Cr E Garden Dr Windsor Char er At aderny MARKET AT LEASE Diamond Valley Sports Complex Map data ©2017 Google Vacancy Rate 2015 Q3 Current Building Submarket 1-3 Star Metro Overall 0.0% 1.8% 1.9% Asking Rent Per SF 2015 Q3 Current Building Submarket 1-3 Star Metro Overall $8.94 $8.06 Submarket Leasing Activity 2015 Q3 12 Mo, Leased SF Months On Market I 256,123 6.1 YOY 0.0% 0.3% 4, 0.2% YOY 18.8% 15.0% YOY * 12.5% 14.0 TENANT Lease Comps Report ***** Tenant Name: BH, Inc Industry: Agri/MininglUtilities LEASE SF Leased: 5,445 SF Sign Date: Sep 2015 Space Use: Industrial Lease Type: Floor: Direct 1st Floor LEASE T E RM Start Date: RENTS Starting Rent: $8.23/NNN Effective Rent: $8.231NNN CONCESSIONS AND BUILDOUT Buildout Status: Full Build -Out PROPERTY EXPENSES Oct 2015 Taxes: 1.64/SF (2016) Expiration Date: Sep 2016 Operating Exp.: $0.72/SF (2012) Lease Term: 1 Year TIME ON MARKET Date On Market: Mar 2011 Date Off Market: Feb 2012 Months on Market: 55 Months LEASING REP SVN I Denver Commercial 2032 Lowe St, Suite 1 0 1 Fort Collins, CO 80525-5741 Jerry Chilson (970) 488-3179 PROPERTY TIME VACANT Date Occupied: Oct 2015 TENANT REP SVN I Denver Commercial 2032 Lowe St, Suite 101 Fort Collins, CO 80525-5741 Jerry Chilson (970) 488-3179 Property Type: Industrial Status: Built Nov 2002 Tenancy: Multi Class: B Construction: Steel Rentable Area: 15,704 SF Stories: 'I Floor Size: 15,704 SF Ceiling Height: 22' Vacancy at Lease: 0.0% Parking: 12 free Surface Space... Land Acres: 1.38 ,Tanits Real F.ic at a Senicr..5, En c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ♦`� CoStar 6/25/2017 Page 7 Lease Comps Details 2840 111 F St Greeley, CO 80631 - Weld County Ind Submarket 11111Nwr. 2 Qs). UI r st FSt i 0 O fi q e w C St FSt i 2 .}.} ha re -Y Y It' 2 Map data @2017 Gaogle Mir C.: St z a I MARKET AT LEASE Vacancy Rate 20'15 O3 Current Building Submarket 1-3 Star Metro Overall 0.0% 1.8% 1.9% Asking Rent Per SF 2015 Q3 Current Building Submarket 1-3 Star Metro Overall $22.66 $8.94 $8.06 Submarket Leasing Activity 2015 Q3 12 Mo, Leased SF Months On Market I 256,123 6.1 YoY t 0.0% 0.3% 0.2% YOY 13.3% 18.8% 15.0% YoY * 12.5% 14.0 TENANT Lease Comps Report ***** Tenant Name: Affirm Oilfield Services, LLC Industry: Personal Services LEASE SF Leased: 4,500 SF Sign Date: Sep 2015 Space Use: Industrial Lease Type: Floor: Sublease Suite: 1st Floor B LEASE TERM Start Date: Oct 2015 TIME ON MARKET Date On Market: Jul 2015 Date Off Market: Oct 2015 Months on Market: 3 Months TENANT REP Formation Real Estate, LLC 6009 Locke Ave Fort Worth. TX 76116 Robert Sawyer (817) 368-6050 PROPERTY RENTS Asking Rent: $22.66/NNN PROPERTY EXPENSES Taxes: $0.06/SF (2016) TIME VACANT Date Occupied: Oct 2015 Property Type: Industrial Status: Built 2014 Tenancy: Class: Multi B Construction: Steel Rentable Area: 17,000 SF Stories: 1 Floor Size: 17,000 SF Ceiling Height: 14' Vacancy at Lease: 0.0% Parking: 16 Surface Spaces ar... Land Acres: 17.71 ,Tanits Real E:c ata Senicr..5, Enc. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ♦`b CoStar 6/25/2017 Page 8 Lease Comps Details 0 5837-5857 Wright Dr Loveland, CO 80538 ' Fort Collins/Loveland Ind Submarket Northern Colorado Regional Airport Goggle E irrnart Rd Rttkav 1p kVe i, :u. -%n D, Dr Q n ci Map data ©'017 Gaggle MARKET AT LEASE Vacancy Rate 2015 O3 Current Building Submarket 1-3 Star Metro Overall 0.0% 4.0% 4.1% Asking Rent Per SF 2015 Q3 Current Building Submarket 1-3 Star Metro Overall $8.50 $8.09 $ 7.89 Submarket Leasing Activity 2015 Q3 12 Mo, Leased SF Months On Market YoY o 0.0% Alt 1.7% 1, 2.3% era Y 4, 21.7% 18.7% YGY 598,018 4 25.5% 3.9 it 3.6 TENANT Lease Comps Report ***** Tenant Name: Industry: Rainbow International Personal Services LEASE SF Leased: 4,125 SF Sign Date: Jul 2015 Space Use: Industrial Lease Type: Floor: RENTS Asking Rent: $8.50/NNN PROPERTY EXPENSES Direct Taxes: $0.42/SF (2016) 1st Floor $0.99/SF (2011 -Est); ... Suite: 5837 LEASE TERM Start Date: Aug 2015 TIME ON MARKET Date On Market: May 2015 Date Off Market: Jul 2015 Months on Market: 2 Months LEASING REP Realtec Commercial Real Estate Services 400 E Horsetooth Rd, Suite 200 Fort Collins, CO 80525-3189 Steve Stansfield (970) 488-3011 PROPERTY Operating Exo. TIME VACANT Date Vacated: Date Occupied: Aug 2015 Aug 2015 Months Vacant: 1 Day TENANT REP Perry D McCormac 1730 S College Ave Fort Collins, CO 80525-1073 Perry McCormac (970) 222-4500 Property Type: Industrial Status: Built 1995 Tenancy: Class: Multi C Construction: Metal Parking: Rentable Area: 25,000 SF Stories: 1 Floor Size: Ceiling Height: 25,000 SF 15'46' Vacancy at Lease: 0.0% 39 free Surface Space.., Land Acres: 1.17 ,Tanits Real F.,ic a1 e S•ei-dcr..5, En c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. in ♦`� CoStar 6/25/2017 Page 9 Lease Comps Details 0 7360 Greendale Rd Windsor, CO 80550 - Fort Collins/Loveland Ind Submarket cid LJ k ry 'fiQkp Dr te..=:plecfiaSe Dc 1- c rbt 0. O O z Map data 42017 Google MARKET AT LEASE Vacancy Rate 20'15 O2 Current Building Submarket 1-2 Star 0.0% 2.6% YQY Alt 0.3% Metro Overall 1.3% Asking Rent Per SF 2015 Q2 Current Building Submarket 1-2 Star Metro Overall $11.00 $7.59 $7.28 Submarket Leasing Activity 2015 Q2 12 Mo, Leased SF Months On Market YDY 11.9% YOY 419.589 t 25.5% 10.5 .4 6.0 LEASE SF Leased: 6,377 SF Sign Date: Apr 2015 Space Use: Industrial Lease Type: Direct Floor: 1st Floor LEASE TERM Start Date: Jun 2015 TIME ON MARKET Date On Market: Sep 2014 Date Off Market: Apr 2015 Months on Market: 7 Months LEASING REP RE/MAX Alliance 125 S Howes St, Suite 120 Fort Collins; CO 80521-2737 Michelle L. Hickey Crawford, CCIM (970) 21... PROPERTY Lease Comps Report RENTS Asking Rent: $11.00/NN TIME VACANT Date Vacated: May 2015 Date Occupied: Months Vacant: Jun 2015 1 Month Property Type: Status: Tenancy: Class: Industrial Built Jun 2015 Single B Parking: Rentable Area: 6,377 SF Stories: Ceiling Height: 16' Vacancy at Lease: 0.0% 11 Surface Spaces ar... Land Acres: 0.61 .Tsicurs Real F.,ic at a Senicr..5, Enc. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ',tawCvstar 6/25/2017 Page 10 Lease Comps Details 3855 Precision Dr - Precision One Loveland, CO 80538 ' Fort Collins/Loveland Ind Submarket t. C ET C S9 "rest a esce MARKET AT LEASE 25V 11` v Map data ©2017 Google Vacancy Rate Current Building Submarket 2-4 Star Metro Overall 2014Q4 YOY 0.0% 0.0% 181% 0.9% 17.0% $ 0.8% Asking Rent Per SF Current Building Submarket 2-4 Star Metro Overall 2014 Q4 TOY $14.50 - $9.78 $9.80 LEASE SF Leased: 1,04► SF Sign Date: Oct 2014 Space Use: Industrial Lease Type: Direct Floor: 1st Floor Suite: 160A. LEASE TERM Lease Comps Report RENTS Askina Rer 14.50/NNN CONCESSIONS AND BUILDOUT Buiidout Status: Full Build -Out PROPERTY EXPENSES Taxes: $2.03/SF (2016) Operating Exp.: $2.61/SF (2011) Start Date: Nov 2014 TIME ON MARKET Date On Market: Feb 2013 Date Off Market: Nov 2014 Months on Market: 20 Months LEASING REP McWhinney 2725 Rocky Mountain Ave, Suite 200 Loveland, CO 80538 Tom Hall (970) 278-4444 PROPERTY TIME VACANT Date Occupied: Nov 2014 Property Type: Flex Status: Built Nov 2005 Tenancy: Multi Class: B Construction: Masonry 4' 12.1% Parking: 12.9% Submarket Leasing Activity 12 Mo. Leased SF Months On Market 2014 O4 239.820 10.3 TOT 0.1% 17.2 Rentable Area: Stories: 311374 SF I Floor Size: 31,374 SF Ceiling Height:. Vacancy at Lease: 104 free Surface Spa... Land Acres: 12'-16' 0.0°/0 2.38 .Tsiuies Real E:.rat e Seivicttis, [lac. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. Cob" CoStar 6/25/2017 Page 11 Lease Comps Details Lease Comps Report 2840 W F St Greeley, CO 80631 - Weld County Ind Submarket TENANT Tenant Name: Strad Oil Field Svc Industry: Agri/Mining/Utilities LEASE SF Leased: 4,500 SF Sign Date: Aug 2014 Space Use: ill Lease Type: F St - a ua F St a 74 ro a 1Ar C St FSt die 41,n, 8,1 TI ' St .2 2 to rI Cs, w . .r a' Yr L rn ec Map data X017 Gaggle MARKET AT LEASE Vacancy Rate 20'14 Q3 Current Building Submarket 1-3 Star Metro Overall 0.0% 2.1% 1.6% Asking Rent Per SF 2014 Q3 Current Building Submarket 1-3 Star Metro Overall $20.00 $ 7.53 $ 7.01 Submarket Leasing Activity 2014 Q3 12 Mo, Leased SF Months On Market 292.334 20.1 YQY $' 2.7% $' 3.8% YQY .i,, 13.0% 5.3% YoY * 15.4% 4 7.9 Industrial Direct Floor: 1st Floor LEASE T E RM Start Date: Sep 2014 Expiration Date: Lease Term: Sep 2019 5 Years TIME ON MARKET Date On Market: Jun 2014 Date Off Market: Sep 2014 Months on Market: 2 Months LEASING REP SVN !Denver Commercial 2032 Lowe St, Suite 101 Fort Collins, CO 80525-5741 Dan Leuschen ( 970) 488-3158 Steve Kawulok (970) 691-1220 PROPERTY RENTS Asking Rent: $20.00/NNN Starting Rent: $20.56/NNN Effective Rent: $20.56/NNN Escalations: 3% Annual CONCESSIONS AND BUILDOUT Asking Discount: -2.80% Buildout Status: Shell Space PROPERTY EXPENSES YRS $0.0615F (2016) TIME VACANT Date Vacated: Jun 2014 Date Occupied: Sep 2014 Months Vacant: 3 Months TENANT REP The Morgan Firm 7260 S Ulster St Centennial, CO 80112 Liz Morgan (303) 534-0900 Property Type: Industrial Status: Built 2014 Tenancy: Multi Class: B Construction: Steel Parking: 16 Surface Spaces ar... Rentable Area: 17,000 SF Stories: 1 Floor Size: 17,000 SF Ceiling Height: Vacancy at Lease: Land Acres: 14' 0.0°%'% 17.71 ,Tanits Real IF. -rat a Senicr..s. to c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. ♦`� CoStar 6/25/2017 Page 12 Lease Comps Details 2840 111 F St Greeley, CO 80631 - Weld County Ind Submarket Q.: HT 1 -St F St i 0 O fi q e GSt F Si �v 4� st z (4. a 2 Map data @2017 Gaogle MARKET AT LEASE Vacancy Rate 20'14 03 Current Building Submarket 1-3 Star Metro Overall 0.0% 2.1% 1.6% Asking Rent Per SF 2014 Q3 Current Building Submarket 1-3 Star Metro Overall $20.00 $ 7.53 $ 7.01 Submarket Leasing Activity 2014 Q3 12 Mo, Leased SF Months On Market YOY 2.7% $' 3.8% YOY *, 13.0% 5.3% YOY 202.834 t 15.4% 20.1 4 7.9 TENANT Lease Comps Report ***** Tenant Name: Industry: Liberty Lift Solutions, LLC Personal Services LEASE SF Leased: 4,500 SF Sign Date: Aug 2014 Space Use: Industrial Lease Type: Floor: Direct 1st Floor LEASE T E RM Start Date: Sep 2014 Expiration Date: Aug 2019 Lease Term: 5 Years TIME ON MARKET Date On Market. Jun 2014 Date Off Market: Sep 2014 Months on Market: 2 Months LEASING REP SVN 1 Denver Commercial 2032 Lowe St, Suite I 01 Fort Collins, CO 80525-5741 Dan Leuschen (970) 488-3158 Steve Kawulok (970) 691-1220 PROPERTY RENTS Asking Rent: $20.00/MG Starting Rent: $20.00/MG Effective Rent:. $20.00/MG Escalations: 3% Annual CONCESSIONS AND BUILDOUT Asking Discount: Buildout Status: 0.00% Shell Space PROPERTY EXPENSES xes $0.0615F (2016) TIME VACANT Date Vacated: Jun 2014 Date Occupied: Sep 2014 Months Vacant: 3 Months TENANT REP Mages Group ` 6000 N Dauas Pky, Suite 100 Dallas, TX 75248-6607 Justin Dodd (214) 534-7976 Property Type: Industrial Status: Built 2014 Tenancy: Multi Class: B Construction: Steel Parking: 16 Surface Spaces ar... Rentable Area: 17,000 SF Stories: 1 Floor Size: 17,000 SF Ceiling Height: Vacancy at Lease: Land Acres: 14' 0.0°%'% 17.71 ,Tanits Real F.i.- a1 a Senicr..5, En c. Copyrighted report licensed to James Real Estate Services Ilnc - 21974. As& 1,101; CoStar 6/25/2017 Page 13 hr �5 x t t Colr. sir; \ NI ThE X ® TV L X \ & RiM X �, c Den X \et, Goo X \ � Goo X it Fifer x t3 RTC x , Fas x t Rea, x , fj loam x ,� Brill x , t ?we, X ® Rea X UL Sea X , UL Feu x rite APf- X D CaE X v 1) 0 property.costar.wrrt/Cornps/Results/Results.aspx?tats=enalytics 3 X CI it2 11,9 Apps ® TV tl CPR ® Dnvr Post 081 Itts JRES a RID II Lottery © MapQuest ® Linkedln C Contact es: CoStar It ReaSQuest D WMGC Dn+ r Golf ,sills, Al D Al - CO Chap " App Fncltn • CO Sec State - Bus a WhitePages 'C' Vonage C Marshall St Swift Cj Quarantine Analytics Companies Iviap Change Criteria Shove Criteria Print Reports Sale Comps Summary at rt Add Records AddedlRemoved Save Survey Lookup Comps Comps Search Analytic Search My Surveys Export Data Suggestions Support Knowledge Ctr Sales Volume Survey Min Max Transactions 15 Sold SF Sales Survey Mtn Sale Price Per SF $93 $53 $182 71.043 2,171 8,000 Mg Sale Price (Mil.) $0.4 $0.2 Sales Volume (MIL} $6.7 $0.8 S 0.2 $0.8 Cap Rate Ava. SF 4,786 2,177 8,000 For Sale Survey Min Listings For Sale SF For Sale Volume glNtil4 Asking Price Per SF Avg Asking Price ('Mil.) Charts 6.7% 6.0% 7.8% Percent Leased 100% 100% 100% Properties Survey Min Existing SF 67,980 2O77 8,000 Vacancy Rate 0.0% 01.0% Rent Per SF 12 Mos Absorption 0 0 12 Mo. Leasing SF 6.000 0 6.000 Sates Volume Sales Volume Sales Volume by Star Rating Sales Pricing Average Sale Price Per SF Average Sale Price Per Land SF Average Sale Price Per Acre Average Sale Price Per Room Sale to Asking Price Differential Cap Rate Cap Rale by Star Rating Months to Sale For Sale For Sale Total Listings For Sale Total SF Asking Price Per SF Brokers Top Buyer Brokers Top Seller Brokers Vacancy & Availability Vacancy Rate Sublease Vacancy Rate Availability Rate Availability & Vacancy R ate Occupancy Rate Percent Leased Rate Occupancy & Percent Leased Vacant SF Available SF Months on Market Distribution Rental Rates Asking Rent Per SF Leasing Demand Net Absorption Net Absorption as% of Inventory Leasing Activity Months on Market Months to Lease Months Vacant Probability of Leasing in Months Construction Construction Starts Construction Deliveries Under Construction Combination Charts Absorption, Deliveries. Vacancy+ Vacancy & Rental Rates Occupancy & Rental Rates Sales Volume U) C 52 $0 _ 2014 2015 Cap Rate 7 G 6 % 3- 5 % - 2016 201/ 2014 2015 2015 2016 2016 2017 O3 Q1 Q3 O1 O3 O1 Average Sale Price Per SF $200 $150 $$100 1Y =� 5V 10Y Ali 1150 I ► -r , ,- , $ , 2014 2015 2015 2016 2016 2017 03 01 03 Q1 03 01 Sales Volume by Buyer Type 76% Private ■ User Copyright V2O02-2017 Co tar Realty lnftrmation. lerc. A8 rights reserved. By using this site. you agree to our Te ias of Use Co pact CoStar Logos are displayed to depict stale Iocanon.s only and are the property of tfieir respective owners 055 1 a a Jr.., DE_Itop DrapboxOJRES) >> * 1' El)) b:08 PM 151 I July 21, 2017 Petitioner: WC BIRKENMAYER III 205 KRAMERIA ST DENVER, CO 80220-5992 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.co.weld.co.us 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): JAMES REAL ESTATE SERVICES 90 MADISON ST SUITE 403 DENVER, CO 80206-5413 RE: THE BOARD OF EQUALIZATION 2017, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket #: 2017-2229, AS0097 Appeal #: 2008216815 Hearing Date: 8/2/2017 1:30 PM Account(s) Appealed: R1226897 Dear Petitioner(s): The Weld County Board of Equalization has set a date of AUGUST 2, 2017, at or about the hour of 1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2017, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of County Commissioners cc: Christopher Woodruff, Assessor Hello